Family Income Benefit

Family Income Benefit (FIB) is a type of term life insurance that provides your family with a regular, tax-free monthly income if you pass away or are diagnosed with a terminal illness during the policy term.

Unlike standard life insurance, which pays a lump sum, FIB pays out an ongoing income designed to replace your lost earnings — giving your family financial stability when they need it most.

How it works:

You choose the length of the policy term and the amount of monthly income you want to provide. For example:

• If you take out a 20-year policy with monthly payments of £2,500, and you pass away 10 years into the policy, your family would receive £2,500 every month for the remaining 10 years.
• If you die after 15 years, the payments continue for another 5 years.

You pay a monthly or annual premium to keep the cover in place for the chosen term, ensuring peace of mind for you and your family.

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